Income statement (Trading and profit and loss account) - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 41:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the gross profit

A. #100,000
B. #86,000
C. #82,000
D. #76,000

Question 42:

• JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000
Calculate the expenses debited to the profit and loss account

A. #17,000
B. #23,000
C. #26,000
D. #30,000

Question 43:

• JAMB 2013

Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit

A. #2,000
B. #14,000
C. #20,000
D. #30,000

Question 44:

• JAMB 2013

The estimated profit or loss for a period is calculated by

A. Closing capital less opening capital add drawings
B. Opening capital less closing capital add drawings
C. Opening capital less drawings add closing capital
D. Opening capital add closing add drawings

Question 45:

• JAMB 2014

The major focus of the trading account is to show

A. Net profit
B. Gross margin
C. Total purchases
D. Total sales